Real Estate Agent · Joliet, IL · Member since 2016 · 28 posts · 6 votes
Can someone help with the specifics of Real Estate Investing for a Licensed Real Estate Broker?
Currently working for a Real Estate Company but want to create an LLC so I can work for myself. I'm still new to real estate, receiving my license 11/2015. I'm in Illinois so do I have to stay with this company for 2 years before i can create my LLC and start working for myself? Being with this company, can i purchase investment properties for myself?
Real Estate Agent · Atlanta, GA · Member since 2014 · 135 posts · 40 votes
10y
Yes as a new broker in Illinois you have to work under a managing broker. After 2 years you can test to become a managing broker and afterwards work for yourself.
Lender · Schaumburg, IL · Member since 2016 · 65 posts · 9 votes
10y
not knowing what type of investing you are looking to do wholesale, fix and flip or buy and hold, it should not make a difference and i would suggest you set up a separate LLC from your real estate brokerage and one for your real estate investing since those are basically 2 different company's.
Being a RE Broker you are held to a different set of standards and disclosure that if you were just a RE investor. Example; if you get a listing that say is in distress or going to be in distress at some point in time and you know they would take less than market value for the property but since now you represent the seller you must work on getting them the highest and best price the market will bare. I am sure things like this happen everyday but again there are higher standards you agree to once you become a Realtor.
On the positive side having MLS access is a very good tool to help you find and analyze and sell properties quickly for flips.
so as you can see keeping them separate is the way i would go.
so now on the investing side, again, what type of investing are you looking to do?